(NEXSTAR) – For months, polls told us that former Vice President Joe Biden was likely to win the popular vote by a clear nine-point margin, but gambling lines never gave Biden a huge edge. That has now changed.
On the morning of the election, Biden was about a 60 percent favorite to win, according to the Website OddsChecker. A win for Trump in Florida made things even closer to a coin flip.
But the favorite line started moving toward Biden when it became clear that Wisconsin was tilting his way. Over the course of the day Wednesday, a moderate Biden lead has stretched. As of 9 p.m., Biden was -775 to win the Presidential election, according to the Bovada gaming website. That means a gambler would have to bet $775 to win $100 on a Biden victory, in other words, the Democrat from Scranton was heavily favored.
The website Action put the line at -910, or nearly a 90% chance of a Biden win.
On the state level, Bovada odds listed Biden as the favorite in Georgia, Pennsylvania and Nevada late Wednesday night. President Trump was favored in North Carolina.
It’s important to remember that bookies are trying to entice people to wager, not simply predict outcomes. Because of the way bets are structured, bookies guarantee the house wins money when there are nearly equal amounts bet on both sides, so if heavy betting comes in on one side, the line may move to make the payout on that bet worse.
Strictly speaking, gambling on politics is not legal in the United States, so most official wagers are placed in the United Kingdom or elsewhere.